Plan Administration

Sponsoring a 401(k) plan shouldn’t take any more of your time than it has to. NBT Financial Group’s retirement plan professionals can administer your plan efficiently, accurately and securely. We offer:

Automation of administrative tasks

Prompt contribution processing

Same-day processing of transactions

Timely, accurate and easy-to-understand account statements

Straightforward plan sponsor reports

Compliance with ERISA/404(c) requirements

As plan fiduciary, you will always be responsible for certain administrative duties. But we can make things a lot easier for you. We know what needs to be done—and when it needs to be done. We’ll ensure that it gets done.

Changes in laws and regulations make it difficult for sponsors to keep up with plan requirements. Our support in this area begins with a fiduciary manual, which outlines your responsibilities and identifies issues for you to consider. From there, we give step-by-step guidance along the way. Our services include these protective measures:

Prudent investment selection and monitoring

Management of plan expenses

Fully disclosed fees

Accurate recordkeeping and reporting

Participant communication and education

We also offer trustee services, in which we take full fiduciary responsibility for the selection and monitoring of your plan’s investments. Whether we act as administrator or trustee, we’ll ensure that your plan has competitive funds that help your employees reach their retirement savings goals.

NBT Financial Group oversees ongoing tests to ensure your 401(k) plan complies with all laws and regulations. Through our industry involvement, we stay ahead of compliance issues. We provide strategies and recommendations to address these issues. We never want you to be caught off guard. As a standard service, we perform all compliance testing required for your plan. We also prepare the plan’s “annual report” (Form 5500) at no additional charge.